Saudi Arabia cuts crude oil allocations in September by more than its OPEC pledge

Saudi Arabia will cut crude oil allocations to its customers worldwide in September by at least 520,000 barrels per day, an industry source said on Tuesday, as the top oil exporter makes good on its pledge to help rein in a global supply glut. State oil giant Saudi Aramco will cut supplies to most buyers in Asia – the world’s biggest oil consuming region – by up to 10 percent in September to comply with a producers’ deal to cut output, multiple sources with knowledge of the matter told Reuters. The wider Saudi cuts come as some doubts have emerged about the effectiveness of the OPEC-led agreement. OPEC output hit a 2017 high in July, according to a Reuters OPEC survey, led by a rise in supplies from Nigeria and Libya, which are both exempted from the cuts. The deal to curb output propelled crude prices […]